KZN keen to increase trade with Europe

The province of KwaZulu-Natal is making headway towards further economic growth this year by increasing trade opportunities with Europe.

KZN Premier Senzo Mchunu will later today meet European ambassadors at Umhlanga’s Coastlands Hotel in Durban, where he will intensify efforts aimed at positioning the province as a viable destination for foreign direct investment.

“We want European ambassadors to support our goal of creating a prosperous province. KZN has the second largest economy in South Africa, recording a GDP of R322 billion in constant 2005 prices in 2012,” said Mchunu.

The province is currently home to 27 consulate offices with representatives from Austria, Belgium, Denmark, France, Germany, Greece, Hungary, Italy, Malta, Netherlands, Norway, Poland, Portugal, Switzerland and United Kingdom.

This also includes Angola, Lesotho, Mauritius and Mozambique. The United States of America, Canada and Chile, and Asian states such as India, China, Korea and Pakistan are also represented.

Mchunu said the province’s interconnectedness with the economies of the world has played a big role in its economic advancement.

“Our economy outperformed the national economy during 2012, at 2.95% vs 2.55%. Importantly, the KZN Growth Index increased by 16.7% over the past three years,” Mchunu said.

He attributed this success to the political stability created over the years.

“We took a firm stand as the leadership of this province to promote an environment of co-existence with other political parties. We did that because we understand that for this province to become a haven for foreign direct investment, a climate of peace must prevail,” he said.

An important pillar of the province’s development was also social stability. To that end, Mchunu said the social frontier was their next growth node.

“Importantly, we are investing more in social infrastructure such as education and health, and we are building transport networks that will become catalysts for socio-economic development.

“KZN is an important hub of industrial development in sub-Saharan Africa, thanks to its rich natural resources and well-developed infrastructure.  Economic activities in the province are mainly concentrated in Durban and Pietermaritzburg, with significant contributions in Richards Bay, Ladysmith, Newcastle as well as Port Shepstone.”

Today’s trade engagement will be followed by a networking dinner, which will be attended by members of Mchunu’s cabinet and captains of industry. – SAnews.gov.za